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CNBC
Feb 12, 2013 4:00am EST
environment we're in thou, we're seeing a pick up in u.s. growth, pick up in chinese growth. we're starting to see a pick up in demand for key industrial commodities. i think at this point you're starting to see investors shift away from the cyclical commodities such as gold. >> it's shifting away from the nor defensive types of assets and even more in the commodities space moving more to the industrials. >> paladium, platinum up at seven-month highs. what is behind that? >> we're starting to see a pick up in growth in china and the u.s. the world's two largest economies. also you're seeing issues on the copper. there are a lot of problems in terms of getting these medals out of the ground. for platinum, 80% of it is produced in south africa. when you have labor issues, it has a big impact on supply. on the palladium side, we have the russian state slowing down substantially. it's stockpiled sales. you're seeing a squeeze -- >> supply side issues, as well. >> absolutely. and you're seeing a pick up in demand. that's been driving prices. >> are you suggesting that maybe copper becau
CNBC
Feb 8, 2013 6:00pm EST
take a step back and explain why the story is right. we've got an environment of improving consumer confidence, both domestically, despite the payroll tax hike and around the world. that means there's more demand for luxuries like travel and leisure, ie, cruises. on the other hand, in this industry supply is everything. it's like nordic tankers, too many ships, supply brings down the price of everything. supply of ships when the global economy seemed to be in great shape, the cruise ship builders went crazy. most of the enough capacity hit the market at the worst possible time, much of them coming on at the height of the great recession. during the recession the shipping company slowed down l orders for new ships and now new capacity is decelerating. from 2000 to 2010, the number increased at a 6.6 compound annual growth rate but should increate at only a 3.3% growth rate from 2012 through 2016. there's less new capacity coming on, less supply and that means, yes, s pricing. believe me, the tanker ships wish they were happening. there's still new supply coming on. it's got incredibl
CNBC
Feb 6, 2013 7:00pm EST
environment isn't that big. >> have japanese bond rates gone up? >> not meaningfully. in the context t of what's happening they haven't actually done anything. the yen collapsed. interest rates are still low. >> lee munson. sometimes a little easy money isn't a bad thing. here in the united states we have easy money and we have easy profits still going up. i think people are under estimating our story as well, lee. >> i do. larry, i just want you to -- 2013 to be the year you learn to love the fed. i understand why you have perma bowls. the thing we have to remember is what could end this bull market? i don't think it's going to. we have to have the fed start tightening. they are not going to. number two, we have to have an inverted yield curve. there are emerging markets but not in the united states. it's great. so we have to have an over exuberance for markets and we don't. larry, in new mexico i still have to convince people to buy stock as part of a balanced portfolio. so we have japan. it was like this fourth wheel to the economy. can't show up to work for 20 years. all
CNBC
Feb 4, 2013 1:00pm EST
and better for the small business. tell me how you find the environment right now for the small business owner and what should the government do now to facilitate more bottom line growth for those businesses? >> i think the government has to look at what is the most direct and em pactful way it support small and midsize businesses. when i look at these businesses, there are some businesses when they are so small that they are no longer viable because of the market environment. those are not the ones we are referring to. we need poor management or otherwise poor credit. we are looking at businesses who may be rely on access to capital as one component of just the ongoing operation of their business. so in answer to your question, the environment is one that still consists of, i guess, limited available liquidity and limited available credit rather for small businesses, often reflected when you look at national federation of independent business surveys. they always tend to be a lot less optimistic an those of the larger companies. >> chris, among the many boards you're on, bigges
CNBC
Feb 8, 2013 4:00pm EST
idea that this is very much fed drive, the federal reserve creating this environment where there's few alternatives and it's not necessarily driven by fundamentals. so do fundamentals not matter. >> the fundamentals are still good. we're still looking at fairly attractive, s&p 500, only about 13. i think the fundamentals are there, and the fed hasn't gott gone away yet. the fed hasn't taken await punch bowl yet. >> maria, i would just add that i think earnings have been really very impressive, and that's the big difference in my mind this year versus last year. in addition to all this stimulus, global stimulus, earnings are actually a lot better. i know the expectations were low, but no one was thinking 6% to 7% earnings growth and, okay, fine, revenues are growing at 2.2%, but that tells me margins are actually holding up which is the other case that everyone thought margins were going to roll over, the resiliency in the face of what we just went through in the fourth quarter and i think that's actually very impressive and i think the stocks will continue to work higher as earning
CNBC
Feb 7, 2013 6:00pm EST
. europe's stabilizing. i say it's good. in that environment, you have -- you have correctly placed your hotels. >> well, it's really interesting for us, our business is so dependent on economic activity, business confidence and consumer confidence. you're exactly right. january in china our rev par numbers with up 6%. that's after a slow down. the government transitions almost behind us, chinese new year will be behind us. china is picking up. latsen america was the strongest growth region, slowed down last year because of argentina. we haven't talked about africa which is another place where global capital flows are coming in in ways we have never seen before. >> let's talk about china for a moment. we see china as having a big year in 2013. a lot of people had penalized your stock, tank it down to the -- well at that point into the 50s because they felt you were overexpanding in china. you're probably as a percentage of what people are putting their capital in the highest of any of the companies i follow in terms of commitment to china? >> well, we're long term bullish on china.
CNBC
Feb 7, 2013 7:00pm EST
kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> we're back with ann coulter, mark hanna and peter suderman. obama awl on night of benghazi attack. they had a 5:00 p.m. meeting, nobody heard from the president after the 5:00 p.m. meeting. the whole benghazi business lasted at least seven hours. now it turns out in other news reports today that there was no hillary clinton from the state department, which is her jurisdiction. panetta didn't talk to the president, panetta didn't talk to hillary clinton. i don't know who he talked to. all i know is nobody saved the four people, we didn't see any american force. what's up with that? >> and it's long after the presidential election has run. i mean, you really wonder if democrats would win any elections if we had an honest media in this country. this is really getting to be a problem.
CNBC
Feb 4, 2013 4:00am EST
could further strain the environment and resources of the already 1.3 billion people who live here. still swb some want to change the policy entirely abandon. after leaving his job, yung protested in the streets, calling for anyone to help him pay the nearly $40,000 fine to keep his second child. he raised the money, but still isn't sure about her future. sooner or later, everyone joins the labor force, he says. cooper will definitely generate more wealth when they consume, ensuring economic growth for future generations. cnbc, beijing. >> knew for more, let's bring in andrew lung of appeared rue lung international consultants. michael curry. andrew, let's go to you, though, on this story. so foxconn potentially seeing its workers form unions. how likely is it in your view? what's the implication of this move? >> well, this is certainly a paradigm shift with a lot of implicati implications, sociopolitical and economic. for example, the chinese government, the leadership would not have allowed this kind of election if not for a deliberate decision. the change, how china's economy is
CNBC
Feb 7, 2013 4:00am EST
the company and to the environment. and after five years, it's better for somebody else to take the helm of the company. you have to have a thoroughly debate first with yourself and then with the board and make a decision. i took the decision -- it's hard, you know? it is emotional. it feels like painful, but at the same time, it's better for the company and, therefore, that's what you have to do. >> it's interesting to look at shares of alcatel lucent today responding sharply to the upside. they've been hammered. so some context here. 7.6% with the move. alcatel lucent and bankia. so that's the kind of trading session we're having. >> it's quite interesting to hear from a man who is so honest, to come out and say, you know, it's execution, execution, execution -- >> and i'm not the guy for it. >> and that's not necessarily my strength. the candor, i think, is appreciated on that. it's very rare you hear ceos with that amount of honesty. >> outgoing, too. >>> credit suisse shares moving higher after the bank reported weaker than expected numbers from the fourth quarter. the swiss ba
CNBC
Feb 11, 2013 3:00pm EST
because of the low rate environment. andrew, how are you investing right now? >> well, we're probably going to go ahead and move in this market. looks like the pullback is more likely 1650 back to these levels. so more than likely now is probably the time to ease into the market. you've got tremendous momentum and breath here. you're fighting the tape, as they say. this is probably the time to deploy. >> meanwhile, rick santelli, the race to the bottom of the currency markets was interrupted today. horror of horrors. japanese officials saying they don't want the currency to go much lower. and the euro moving higher as well today. >> once you put that machine in motion, i don't know if you can stop it. and bill, i find it so telling you have so much more outrage about a maker's mark liquidity injection than the fed's liquidity injections. >> what's your point? >> that's a story for another day. because that's not good for either. a 20-year chart of the dollar index looks like it's going to be going at these levels for awhile. they look like they're going to stay low for awhile
CNBC
Feb 6, 2013 4:00pm EST
terms of the overall environment right now, where are we in terms of trust and sentiment? we've got the libor scandal. we continue to see sort of upsets in the banking world. >> right. >> do you think that a lot has changed, or not? >> it is -- it is had, and i don't think a lot has changed. it's gotten marginally better, but the reforms have been pretty incremental, and most of the dodd/frank rules haven't even been finalized yet so that does concern me, and i think as the public watches this, they are losing confidence in the regulators as well to get this job done. they need to know that the regulatory community is, you know, standing up for them and policing these institutions appropriately, and whether the industry wants to acknowledge that or not, that's in the industry's interest for the public, and their customers to view them as being regulated by people of integrity, so i don't. i'm disappointed at the pace of reform. we haven't seen a lot of changes other than very incremental changes, but i'm hoping that maybe this year will be the year when we can finally get the rules in p
CNBC
Feb 6, 2013 12:00am EST
developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ [ticking] >> when the headline-making cold fusion experiment was debunked in 1989, it was quickly consigned to the science junkyard. but 20 years later, cold fusion research was making news again and again drawing criticism. with so many open questions, we asked an independent authority, distinguished physicist rob duncan, to take a look. >> when we first called you... >> uh-huh. >> and said we'd like you to look into cold fusion for 60 minutes, what did you think when you hung up the phone? >> i think my first reaction was something like, "well, isn't that--hasn't that been debunked?" >> we asked duncan to go with us to israel where a lab called energetics technologies has reported some of the biggest energy gains yet. >> we are delivering power into the cell. >> when i got there, i just kept asking about, okay,
CNBC
Feb 6, 2013 4:00am EST
investment, i think these underlying messages about the political environment in spain, notwithstanding kelly's point about what is the alternative here. the fact that there's political instability means as an investment area it's not sit back and say thank you very much and everything's all right again. those issues are still this. the move we've seen in the last, you know, four, five months has been about this extreme risk gap closing. there's very little out there in the spanish market which doesn't have an alignment roughly with where value is now. it's not a market trading at a big discount to its value. the risk moves to almost zero. we know low volatility's out there for a lot of markets. as the risk apps widen again, places like spain and italy will be in the forefront of that profit-taking and price gapping again. that's the risk you face. these are much higher beater areas of your investment portfolio. and if it requires there to be a consistent stable political environment, neither spain nor italy will be delivering that sufficiently for you not to think abou
CNBC
Feb 4, 2013 9:00am EST
should be trading substantially er. interest rates are a very different environment, very different situation today. overseas, i do think the emerging markets do represent a much -- an excellent buying opportunity here. i think they tend to outperform the u.s. going forward. >> jeff, of which of these two asset classes are the most dangerous, in your view? the long end of the bond market or gold? >> i would think the long end of the bond market. i've been in this business for 42 years as of last month. i've seen the long treasury bond go in a 3% yield to almost a 15% yield. people think they cannot lose money in bonds. i'm here to tell you, you can lose a lot of money in bonds, especially in bond funds. so i think you need to be very careful with the fixed income side of your asset allocation. >> guys, we'll leave it there. thank you for kicking off the week with us. thank you both. >>> a couple of insiders making profits off the rally. kayla tausche has more on that. >> perhaps the biggest signal of confidence in a company is when the executives and directors start scooping up shar
CNBC
Feb 11, 2013 6:00am EST
apple. those are companies that are doing pretty well trying to push into the environment of much more thoughtful progressive policies about these issues the. >> they have lots of money, though. so those are very successful companies. and you could argue because your doing some of the things you're augusting. >> no question. >> take me to a company that's struggling been take me to a company that can't afford to give out free food throughout the day and free massages throughout the day. >> they're not going to let people sleep for two hours in a room somewhere, are they? >> no. but this is make missing the point. until you make this intellectual shift, more hours means more productivity. even one less hour of sleep gives us one more hour to be productive. that's nonsense. what it gives us is one more hour to by be partially productive because you're tired. >> do you think europe is productive? >> they rest a lot over there. >> you've got naps after lunch, you work a slightly longer day, but it's -- >> it's overdetermined. there are too many factors going on for me to answer that questi
CNBC
Feb 12, 2013 9:00am EST
know, much more competitive wholesale environment this quarter. >> corinna, would you recommend buying the shares here? >> it is a little difficult to recommend starting new positions, but we most certainly would be holding on if we did own it already. >> all right. great to speak with you. thanks for your time. >> thank you. >>. >>> when we come back, what does art cashin want to hear from the president in tonight's state of the union? he'll tell us here at post 9. one more look at futures on this fat tuesday. we'll try to let the good times roll when "squawk on the street" comes right back. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized
CNBC
Feb 5, 2013 6:00am EST
to be overweight in this environment. >> russ, the great andy surer from "fortune" magazine is here. >> hey, andy. a lot of people are felg like they've missed the rally in stocks, but you don't want to staying in bonds. they're caught between a rock and a hard place. unintended with you guys, i guess. sorry about that. what's your advice to them? >> there's a couple of things. when i think about this, i want to do it for my portfolio construction base. it's not stocks or bonds. people are going to earn both in their portfolio. right now, we would be overweighting stocks with their valuations. the key is to look for those areas where you're getting real or after inflation returns while minimizing the risks. that suggests taking down your treasury allocation significantly. looking at credit, looking at structured bank loans, looking at municipals that have been in high yields. not because these areas look particularly cheap, but on a relative basis, they offer much better yield with less risk in my opinion. >> okay. russ, we're going to leave tlit. we appreciate your perspective. we'
CNBC
Feb 11, 2013 4:00pm EST
unprecedented opportunity to grow our advisory business. we saw that last year in an environment when mna activity was down 9% globally. our advisory fees were up approximately 30%. so we're taking market share in a skig cant way. >> and you're expecting dealing this year? >> i think we would expect, you know, you never know. would i put my money or own or under? i would put my money on over. >> all right. you're a betting man. ralph, good to have you on our program. ralph schlosstein. >>> again refusal to raise taxes as part of a deal to avoid automatic spending cuts. tom cole will speak with me about the brewing battle in the national's capitol. >>> a fury erupts after a company tells customers they're watering down its bourbon. stay with us. [ male announcer ] any technology not moving forward is moving backward. [ engine turns over, tires squeal ] and you'll find advanced safety technology like an available heads-up display on the 2013 lexus gs. there's no going back. >>> welcome back. less than three weeks until automatic budget cuts kick in which will trigger job losses and perhaps
CNBC
Feb 5, 2013 3:00pm EST
will step on the gas further. >> the low rate environment is a major driver. >> absolutely. >> how do fundamentals look? >> earnings much better than expected. 2.5 percentage points before where the expectation was at the beginning of the period. now s&p capital ik consensus are at 6%. the only problem is it basically seems to have been borrowing from the first quarter of 2003. now we're only looking at 1.4% growth but had been expecting close to 4% growth. >> how about revenue. >> pretty much steady at 3.5% growth so better than the one-half of 1% we got last quarter but still not seeing the driving ref now that i would like to see. >> i know we're splitting hairs and i can't afford to do that anyway, but the dow is up 100 points so we're at risk of not having the triple-digit move in the market. psychologically would that matter at all, at least for the short term? >> i think revels are like rusty doors, takes a couple of attempts before they finally swing open, and this is just one of those attempts. >> well said. >> larry. >> you're thinking five, ten years down the road. >> you'r
CNBC
Feb 7, 2013 12:00pm EST
lot worse. what we're doing in this environment, and we did raise a little bit of cash the last couple of weeks just so have some, but focus again back on earnings. earnings are pretty good. earnings running at 5% or so. a little better than expected. i think those are encouraging signs. then you go back to the themes. ly you go to housing, auto, auto parts. you go to the industrials. and particularly, the industrials, those stocks have done really well. go after cummings. go after utx. go after ingersoll grant. find the companies you want that reported good earnings, and that's where you go. >> doc, you've been among the more cautious traders we've had on the show the last several weeks. is this the kind of moment that you had feared, for lack of a better word, that would come in, or do you see this ss an opportunity to put some things to work on the list that you keep. >> i'm still worried about exactly what josh and stephanie and simon talked about as far as the sequestration and when that hits march 1st, if we don't avoid it. so where i thought we would see volatility pick u
CNBC
Feb 5, 2013 9:00am EST
environment? >> i think there's some program selling. the dow 14,000, a lot of institutions might say, okay, enough is enough. let's do some lock-in. i think we always have to return to earnings. earnings have been surprisingly strong. we are now seeing deal flow. the dell deal, virgin media deal. i think they put a floor on the market. >> yeah. >> the deals themselves you think? >> yes. >> as a reflection of confidence? as a reflection of what? >> you know, virgin media, david and i were looking at the chart before this. virgin media, this stock was at 23 in june. and people didn't think it was too high then. and they don't think it's too high now. very smart coming in. >> we could see a deal above 50 bucks a share. >> 50? >> i don't know. that's david faber just saying, according to a bunch of my hedge fund guys, hoping. we may get a deal today. >> use third person for yourself. >> i did. >> jim cramer said david faber said it's 50, could be 50. >> bo jackson used to do that a lot, too, didn't he. he had a reason to. because he was the most unbelievable athlete of all-time. >> this is a g
CNBC
Feb 7, 2013 6:00am EST
secure that has the volatility related to the earnings. in today's environment, there's a tremendous demand for high-quality, cash flow incomes for individuals, for institutions, for pensions, for insurance companies. so we think that if they distributed preferred stock with say a 4% yield there would be enormous demand. share holders that want that stable income could keep it and shareholders that want to own apple for the upside within the operations would continue to simply own the common and they would get a -- be able to take a lot of money off the table by selling the preferred to institutions that want it. >> you are long apple, right? is this all you think they need to do to get this stock moving again. this is a stock that has had quite a fall since its peak back in september? >> very simply put, we think for every 50 billion of prefer they had issue, it would unlock about $32 a share in apple. if apple used about half of their earnings toward this program, we think they would be able to issue approximately $500 billion, which would unlock about $320 per share and that assum
CNBC
Feb 7, 2013 9:00am EST
. >> thank you, bob. again, i point out that january, someone back in the retail environment all my life, january, the one month that i don't care about. i care about the other 11. anyway, head to the bond pits, rick san telly, the cme group r. >> yesterday talk about the ten-year note yield, the past year and a half, closing base circumstance in the six basis point range, from 195 basically to 201. really, that hasn't changed, the two-day chart of tens shows you we briefly did trade under 195, use that as the pivot, remember, closed at 176 the end of last year, basically up now 19 to 20 basis points the. might sound like a lot. anybody who traded bonds in a bygone day, know that used to be half a day's range. boone's, 160 as their pivot, very similar pattern. let's switch gears bit. we know the euro a 14-month high against the green back and closer to a three-year high against the yen. doesn't seem like mario draghi's single pillar central bank or not is please about the recent strength. think exports here. his comments? look what they did the euro versus the dollar this chart, loo
CNBC
Feb 12, 2013 2:00pm EST
environment we're currently in? >> yeah. should it be beyond my pay grade who things should be, but what my expectations should be, we analyze statistics like you audience statistics and your audience share and all different ways depending on different kinds of market conditions. for where we are in the economic cycle given the level also of interest rates, which are very, very low and equity market values which are high and moving higher, we think there should be more activity now generally than we're seeing in the case now, but by the way, you can either search for the reason why, or you could decide that that's just around the corner. personally i think the markets will catch up to itself. the conditions are really there, and i know that there's been a lot of uncertainty swirling around where people aren't sure what the value of things are. the most common thing we hear is these people were talking, but they couldn't agree on valuation, so at a period in time when there's uncertainty about tax rates, what growth is going to be, whether there's going to be headwinds because of austerity m
CNBC
Feb 5, 2013 4:00am EST
structural change in the macroeconomic environment to seek lines getting more comfortable about taking more risk and being more active. >> is the biggest risk to activity and confidence going forward in 2013? >> i would say both geopolitical events, i would say, or basically that europe or the u.s. was from the discussions or basically going back to where they were last year. and that would be clearly undermine their confidence. >> your capital levels are very strong. you announced a 50% increase in your dividend payout. now an a lists are expecting even more over the next couple years. they're looking at a dividend yield of anything between a 7% and 9%. is that feasible? >> well, with him ever progress policy, but most importantly, we will have a payout ratio of at least 50% when we achieve our certain percent basel ratio. >> timely, you announced that libor fine in the fourth quarter. was that it in terms of kitchen sinking all the legacy issues? was that it in terms of litigation risks? >> look, i think we made very good progress on addressing many of those issues during 2012. you're alw
CNBC
Feb 10, 2013 7:30pm EST
for opportunity. >> what about the idea that the regulatory environment is getting tougher from the epa to the financial regulators, dodd-frank, basel. business faces a different situation than decades ago. >> i don't think so. i remember acquisitions with at&t we didn't know. it was tough. we spent a great deal of time in the political and regulatory part of the business. it was touch and go. i'm not sure it change sod much. >> okay. what about the global story? people say in the last several decades, you know, american business was really riding a wave of globalization. today you're more likely to hear about jobs in buffalo and in michigan than in bangalore, india. are economies looking inward? >> i think so. there are some coming back. that's a good sign. >> you think it's a good sign that it's not the globalization openness we saw a few years ago and now economies are looking inward? >> glad to see us bring jobs back to this country and rethink that. that's helpful. >> final question. what do you drive? you driving a gm? >> i am driving a gtm cadillac ctsv. it's a great car. hot
CNBC
Feb 8, 2013 6:00am EST
sure that's him job. >> but they've created this environment for this to happen. what do you mean? that's a risk decision that companies are making for some reason they've decided they need to operate with massive and huge cash balances, okay? and for whatever reason, there have been an absence of investors like iron horn who said, give me back the cash. find a way to redistribute it. i don't know, bob, in terms of macroeconomic development -- >> i think some of the corporate cash comes from firms that have made money and they don't feel like taking risk in this environment. apple is the technology company and i can understand apple's view that they have freedom of cash on the balance sheet. some of this is complicated. some of the cash is overseas, they bring it home, thee incur some tax liability. cash on your balance sheet is freedom. it's freedom from bankers. >> we're going to slip in a quick break. bob, you're going to be with us for the rest of the hour. and i'm going to send it back to pebble beach and the one and only becky quick. >> when we come back, we're talking about
CNBC
Feb 12, 2013 6:00am EST
fountain square and environs. >> infrastructure. >> we had an infrastructure strategy. develop the banks, which is the river front. and begin to redevelop -- >> not your banks. the banks of the river. >> i was on board. >> the banks of the river. not the other banks. to your point, at the local level, a group came together, it was clearly in all of the stakeholders -- >> and that's a lot better than going to the federal government begging for that money and then the rest of the 49 states pay for it. >> it's all about leadership. if somebody has the courage, you know, to make a declaration about what winning might be, i think you'd be surprised at the number of americans that would stand up and stand behind it. >> so, a year ago, we'll just, you know, you did run. &g, we'd be remiss. >> three years ago. >> right. but a year ago, i looked at your successor and he was, i mean, there were -- did you make barbarians at the gate? who did you say made that up? >> eddie -- >> but he did and you got in trouble for saying it. anyway, for whatever reasons, mcdonald's was under assault, some p
CNBC
Feb 8, 2013 7:00pm EST
here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to "the kudlow report." all right, the nomination of chuck hagel as defense secretary is in a heap of trouble. in fact, his uphill battle is looking so steep it might be better if he just bowed out. now let's welcome back our panel. we welcome to the show joel pollack. he's the editor in chief at -- who's been covering this story in some detail. some senators are holding up the confirmation vote until hagel complies with their request for more financial disclosure information. in particular, foreign financial disclosure information. is he going to do it or not? >> i don't think he will. because he has too much at stake in the other institutions he's involved with, particularly the atlantic council. and there are some donors to projects at the atlantic council who have taken some questionable stances. for example,
CNBC
Feb 4, 2013 4:00pm EST
we've seen margins coming back. that's been a help as the commodity environment get more benign. the interesting thing is the before tax earnings were up about 22% but we paid a higher tax rate. we paid about 34% in taxes. all in all top line strong volume growth. great margin expansion. and the earnings followed that. >> so what about 2013? how's it looks? what would you expect? a lot of analysts out there question whether or not the sustainability of this organic growth is on track. so how do you ensure that it will? >> if you go back the last 18 months we've averaged at the top of our 3% to 5% top line target that we've had with the investment community. 18 months we've done this. as we look into the second half of the year, we're comfortable where the consensus is. 3% growth. we're going to lap almost 6% growth from last year in this period of time. you mentioned the flu at the outset of the session here. the flu is probably about 10% of our growth in the quarter. it wasn't that much, frankly. i think you'll see more of that manifesting itself into february and march. i think we'
CNBC
Feb 4, 2013 12:00pm EST
. in this kind of environment, to deliver 5% earnings growth, a substantial improvement from the third quarter and second quarter of last year, i think that's very impressive. and, again, in this kind of tough environment. >> 73% of the companies are reporting and topped earnings. in terms of -- >> lower expectations. >> lowered expectations. >> the nasdaq is suffering its worst drop since november today. let's go live to the nasdaq to see what is behind the move. within the last 30 minutes you could really see a noticeable drop. >> absolutely, scott. just in last 30 minutes we have seen the noticeable pullback in large cap tech. shares have been underperforming the major indices. analysts telling me this is profit taking, especially after the major run-up that we have seen in some of these stocks. dpo google, that's a great example, today bmo capital downgrading the stock saying it is becoming a less compelling opportunity, more investors and that this rotation of capital out of apple could decrease. another loser, oracle, moving lower after announcing the acquisition of acme for $2.1
CNBC
Feb 8, 2013 12:00pm EST
equities. you're in a low interest rate environment, credit spreads are at multi-year lows. and it is a return -- we are looking at a return to growth. what it means in the shorter term, what could be the potholes? italian elections, banking union. we still don't have a banking resolution mechanism on the table meaning that if the ecb takes over, they will not have any authority. we still don't have a single deposit guarantee scheme, meaning that we need to see confidence come back into the markets to encourage depositors to deposit their assets back within the periphery countries. we haven't seen that yet. all of that gives us slight cause for concern. we're growing more cautious shorter term, more bullish longer term. >> gemma thanks for coming on. >>> is linkedin the social stock to own this year? and is the bottom in on apple after the company comments about returning cash to shareholders? we're heading to the floor of the nyse for the answer when we come back. with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filter
CNBC
Feb 5, 2013 2:00pm EST
of having this designation. >> how do we fix this? >> we need to focus on creating an environment that fosters competition. ultimately until we have new methodologies like rapid ratings and others approaching the market in different ways, new revenue models, not being paid by issuers where there's a potential conflict of interest but paid by subscribers. all these things need to be fostered and we need to make sure we're not creating barriers that makes small firms say i don't want to be in this market. >> there's so many hurdles and barriers that can't be explained in a 4:00 tv segment. >> i don't like them but have to use them legally because pension funds may have rules that say i can't buy anything unless it's rated by one of the two or big three nrsros. >> really nailed it. >> it's a bizarre circle. >> the public fiduciary and pension funds that have funds that go into the money managers that help prop up the system, you believe the board of trustees of those pension funds or pensioners whose money managed say this does not work anymore and we cannot be relying on these agenc
CNBC
Feb 6, 2013 12:00pm EST
that's -- that's the environment. there will be short term investors looking at this stock. he wants us to focus on long term. the short term reality is comps are down 30 something percent probably this quarter. the short term is what we have to look at. >> fascinating stuff today. thank you very much for your insight. we'll talk to you later. let's get back to headquarters and the halftime. >>> carl thank you very much. we go to the halftime show. the dow is down a point. one market watcher says the s&p will drop 200 points this year. he'll tell you why coming up. >>> coffee talk, green mountain earnin earnings. up 52% this year. we'll talk to our late traders and the shares of apple up as much as 2% with creditors crediting it on legend mu tall fund bill miller and we're talking with others. what kind of activity are you seeing otherwise in shares of apple? >> it was pretty normal, which means tepid in the first hour of trading even though this was a very active trading stock and option class. the first hour traded 80,000 calls. then, all of a sudden, people started throwing out a rum
CNBC
Feb 6, 2013 6:00am EST
money is disingenuous. i think in this environment you could have scrounged up the $2 billion. >> they needed the $2 billion. >> right. >> the idea that they somehow didn't -- they needed it from somewhere. >> exactly right. i think that's true. i also believe from dell's perspective you want microsoft in the mix there somehow. however you structure it for microsoft's purposes, it does help to have that, you know, calling card that says at least where we're not going to be left to drift -- >> they need to finance other -- other computer makers. yes -- >> does h.p. call up and say you know what, i need catch, rather than going to bank, we want you to give us a better rate. >> microsoft is in the hardware business, too, right, with the software -- the surface thing? >> surface and things like this. >> about xbox -- >> i don't know where this is going. >> if you look at it from a different point of view, this is the result of ben bernanke's easy monetary policy. because you've created an opportunity for people to releverage. this is part of a broad theme of cheap releveraging. be
CNBC
Feb 4, 2013 6:00pm EST
component, how much the labor costs, very important in a rising salary environment. how much leverage there is, meaning, if you have all of the laboring costs accounted for, how much business can you do? all right, the one i like to think of, it's not a lemonade stand, chipotle. they have labor and they have food and customers. the more customers they can serve per hour, the more leverage they have. the keys to the gross margin at chipotle are the cost of the beef, chicken, tortillas, the cost of the labor and most importantly the number of customers they can push through in a given day. of course there are dozens of other inputs advertised in leases in the stores need to have as little turnover as possible because the cost of training new employees is tremendous. it's a huge obstacle to making a lot of money. th that's the former ceo of costco made clear to us. legendary for paying his employees the most and treating them with the best of benefits because it's so important to keep them happy. so the firm doesn't constantly have to train new people. new people are not known to the reg
CNBC
Feb 7, 2013 2:00pm EST
with respect to etfs. as we get to a spot of a more normal market environment. >> do you feel they are going more towards etfs than mutual funds because one reason is bob pisani has been hot on this issue is expense ratios are dropping. >> right. we have seen strong flows into mutual funds. almost a record of year last year so i think some advisors and investors are getting into more active managements but we have seen strong flows into etfs as well, which are index tracking products and people use those for different reasons. >> beth, good to have you. thanks for coming. >> thank for having me. >> i wish i add grandpa with a mattress stuffed with cash. how many grandpas really do have mattresses stuffed with cash? >> not enough. >> and i would want them in dollars. >>> a forecast left fuzzy. we are wondering if we will see no snow or three feet of snow. we are looking on the floor of the newsroom. let's get answeres from weather chan's paul goodloe. paul, why is this system in particular so hard it nail down? >> we think we have it nailed down here at weather channel. but over all
CNBC
Feb 11, 2013 7:00pm EST
into mid-teens return. that's easy to do in this upcoming environment if you have people starting to say you know what? i've been in money markets for too long. where else can i put my money? and they don't want to put it in the same bonds that you and i don't like. but they're going to put it in -- >> the profits of stocks. and profits are still outperforming. >> it's money printing. listen. in january the japanese government said we will print unlimited -- that's their quote -- unlimited amounts of money. so dr. bernanke said i can match that. i'll put up another $45 billion a month. a month. you know how much that is? he's spending over a trillion dollars a year of money printing. >> it ain't bad if you own stocks. >> it's making stocks go up. japanese markets are up more. >> we can be intellectually accurate. but in the meantime, it's a powerful wall of liquidity and we have to respect it. i think for our clients make money for them. >> we got to get out of here. jim rogers, thank you. the book "street smarts." available now. thanks to zane brown and bob doll. >>> white house say
CNBC
Feb 11, 2013 12:00pm EST
we've come this far in this environment. >> i don't think so. as long as they continue to print money, as long as interest rates are sustainable at about these levels. as long as they use that printed money to buy mortgage backed securities. as long as they buy mortgage backed securities from originating banks. as long as they are then selling these to investors who believe that mortgage guarantee is a real guarantee, housing will continue on. >> let me frame it also this way, the most tradeable, so to speak, housing markets right now are what? for people who are interested in the type of thing you're talking about. >> in terms of a company or in terms of a region? >> regions. >> regions have been the southwest. so california, nevada, arizona, texas. all three cities in texas have been the fastest growing housing markets in the nations for six months. austin, houston, dallas, atlanta, florida. segments of the carolinas, primarily all of the southern states. >> okay. josh brown, how about macy's? what's your trade there? >> this is a really exciting set-up here. but i think you want to
CNBC
Feb 8, 2013 9:00am EST
environment out there. even for quick service. quick service does happen to hang in there a little better than the higher priced categories like full-service casual dining, for example. >> andy, thanks a lot. >> thank you. >> talking mcdonald's over at jefferys. >> in the northeast, the winter storm nemo, which is bowling towards us. jackie dean gel lis has the latest states on the storm. >> good morning, simon. let me just give you an update outside here first. the snow started coming down around 7:00 a.m. three hours later, we've got a wintry mix on our hands. but things actually aren't so bad. people commuting to and from work at this point. also checking out some of the other travel statistics out there. according to flight aware.com, about 4,125 flights have been suspended between yesterday, today, and also tomorrow, in preparation for winter storm nemo. which at this point is looking to potentially give us two feet of snow on parts of the northeast. and also, 12 inches of snow in new york city, where we are under a blizzard warning. meantime, amtrak is also canceling its northeast s
CNBC
Feb 11, 2013 6:00pm EST
works in the unforgiving investing environment where diversifying by sector loan is not enough. things have gotten out of control or irrational. you need five different areas covered. you need some gold. you need a dividend paying stock with a high yield. you need a growth stock. need something speculative and something foreign. particularly in a year when the dysfunction in capital is so darn palpable that you have to protect your portfolio from the chaos washington is putting us through. we have gone from being incredibly business friendly company to one that is capable of wrecking just about any business if congress and the president put their minds to it. isn't that the lesson of the partisanship and acrimony over the tax wranglings and the spend-a-th spend-a-thons. cover all five markets and you with win in any market. i'll teach you how to analyze stocks so you fill every position with the best possible names that you feel comfortable with and i feel comfortable with. first, what do we need? well, look, i did them first. we need gold. need gold because gold has a special property
CNBC
Feb 4, 2013 6:00am EST
, we're still in the slow growth environment. we're still deleveraging. we're still dealing with fiscal austerity. i don't think the markets are fully taking that into account right now and investors have to be aware of that. >> so what exactly are you -- would you be telling clients right here? let's say they have been, like a lot of people, heavily into these irisk off bond portfolios. would you keep them there? >> we've been saying the same thing for quite some time right now. the environment we've been in is not one for somebody that's hunkered down, defensive, holding cash in treasuries. you're almost guaranteed to underperforming inflation investing in those things over the last five to ten years. even the shorter term period, you may see bigger puts. equities have a lot of risk to them. what we've been doing is positioning people in the middle of the risk sector. that means lower risk, stable, dividend paying equities, taking risk in your fixed income with high yield bank loans and using unique investment options like secured options where you're selling calls against your equity
CNBC
Feb 4, 2013 7:00pm EST
. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back, everybody. this is "the kudlow report." i'm larry kudlow. in this half hour, president obama on the campaign trail in minneapolis to promote new gun lawses. he's not going to get the assault weapons ban he wants. he should have gone to chicago where they have a real gun and murder problem. would you put millions of bucks on an investment with only a 20% chance of success? that's what they do when it comes to broadway shows. our own mario bartiromo will go behind the scenes of that world in a primetime special. she'll be here to talk about it. first up, guess what. here's a surprise. president obama wants another big tax hike. he pretends the sequester wasn't his idea. remember, this whole across the board budget cut deadline was his plan going back to 2011. how about that? now
CNBC
Feb 7, 2013 5:00pm EST
of then banks are not even earning their cost of capital yet in what's not a terrible environment. so, what you go for is compensation. it isn't just bigger than any other expense. for some of these, it's bigger than all the other expenses by some measure. the banks have been taking it down, firing people. that's really a tragedy. tens of thousands of people. and some how we seem to miss this and the tragedy there. they've been taking down compensation and they've been deferring out compensation. now, moving toward bond compensation is actually a very good way of reducing risk. equity compensation, which is what we've moved more towards actually encourages risk, in a way, we've been going in the wrong direction. >> do you think, then, that we need to break up the banks and reverse the demise of that in some way? >> well, i think it's all -- look, there's a lot of talk about breaking up banks. i know bob robin said today not break up then banks. for all these wonderful, esteemed very accomplished gentlemen who were in banking some time ago, they're all coming out with an opinion and it
CNBC
Feb 5, 2013 7:00pm EST
. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> u.s. government is suing s&p and its parent company mcgraw hill perhaps for as much as $5 million over its massive ratings mistakes on mortgage bonds and subprime issues. so far only s&p is being sued. while s&p's parent mcgraw hill stock dropped by 24%, moody's is also down by 20% since this news broke. let's ask two key questions right up front. first, is there a smoking gun inside s&p? or is this political pay back for s&p cutting the u.s. debt rating back in 2011? here's what the attorney for standard & poor's floyd abrams told david faber on cnbc earlier today. >> i don't think anyone knows. is it true that after the downgrade the intensity of the investigation significantly increased? yeah. i'm sure the government would say that it had nothing to do with it. we don't know why. >> but i
CNBC
Feb 12, 2013 1:00pm EST
perspective on regulatory environment and improvements made or not made since then. >> how much cost? >> roughly $600 million, if you add administrative cost close to $700 million in fees. that's paid by wall street, by you and me if we invest. >> $700 million to reclaim $9 billion. >> which they say is a decent investment. >> thank you very much. >>> ahead on the program, intel and netflix both unveiling big plans to be front and center on your tv set. julia borsten at a media conference in laguna niguel, california. >> that's right, simon, digital and tech giants here and making big moves to own a piece of the future of television. i'll tell you about intel and netflix announcements coming up after the break. look, if you have copd like me, you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium bromide inhalation
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